United Kingdom: Published response to public consultation on a digital pound

On 25 January 2024, the Bank of England and HM Treasury published their response to the consultation on a digital pound. The authorities confirmed that neither the Bank nor the government would have access to users' personal data. Stakeholder feedback highlighted broad support for the platform model, emphasising the importance of privacy, security, interoperability and user-initiated programmable payments. Privacy concerns were paramount, with a commitment from the Bank of England to explore technological solutions to protect personal data. The design phase will focus on developing a detailed digital pound proposition, stakeholder engagement and experimentation to refine the technological and operational model. The response also reiterated the commitment to maintaining access to cash when a digital pound is introduced.